For the fourth quarter of 2019, highlights include:

• Revenue of $1,401.8 million
• GAAP and non-GAAP gross margin of 34.6 percent
• GAAP operating margin of 9.9 percent and non-GAAP operating margin of 12.3 percent
• Operating cash flow of $91.7 million and free cash flow of ($20.7) million
• GAAP diluted earnings per share of $0.14 and non-GAAP diluted earnings per share of $0.30

For 2019, highlights include:

• Revenue of $5,517.9 million
• Gross margin of 35.8 percent and non-GAAP gross margin of 36.1 percent
• GAAP operating margin of 7.8 percent and non-GAAP operating margin of 14.1 percent
• Operating cash flow of $694.7 million and free cash flow of $160.1 million
• GAAP diluted earnings per share of $0.51 and non-GAAP diluted earnings per share of $1.49 

PHOENIX — (BUSINESS WIRE) — February 3, 2020 — ON Semiconductor Corporation (Nasdaq: ON) today announced that total revenue in the fourth quarter of 2019 was $1,401.8 million, down approximately seven percent compared to the same quarter last year. Fourth quarter revenue was up approximately one percent as compared to revenue in the third quarter of 2019.

“Our performance in 2019 validates the transforming nature of our business, as we expect to outperform most of our peer group against a backdrop of challenging macroeconomic and geopolitical conditions. We believe that our strong competitive position in automotive, industrial, and cloud-power semiconductor end-markets, and exposure to secular trends in these markets continue to be the key drivers of our superior performance,” said Keith Jackson, president and CEO of ON Semiconductor. “Along with strong revenue performance, we are taking substantial measures to expand our margins by making structural changes to our manufacturing footprint, and accelerating the timeline for production at our 300mm fab.”

“In the fourth quarter, we saw moderate improvement in business trends, and the improvement has continued thus far in the first quarter of 2020. With improving macroeconomic and geopolitical conditions, solid product portfolio with exposure to the most attractive semiconductor end-markets, and ongoing structural improvements to our cost structure, ON Semiconductor is well positioned to deliver strong near to mid-term performance.”